Natural gas is a – colourless-odourless – flammable gas composed of methane and other hydrocarbons. Natural gas is most commonly stored in underground inventories under pressure in various types of facilities. Also, natural gas can be stored in liquid or gaseous form. Natural gas storage plays an important role in keeping the reliability of supply needed to meet the demands of consumers.
The market in Asia Pacific is projected to witness fastest growth in terms of revenue in the global natural gas storage market over forecast period
Rising demand for natural gas has led to increasing oil & gas exploration and extraction activities, which in turn is boosting demand for gas storage facilities. This is a key factor expected to drive growth of the global natural gas storage market. In addition, increasing application of natural gas for industrial operations, transportation, and electricity generation is another major factor expected to drive growth of the global natural gas storage market over the forecast period.
However, high installation cost is a key factor hampering growth of the global natural gas storage market. Additionally, high operating cost and environmental issues related to brine disposal during construction and operation of gas storage are other major factors expected to hamper growth of the global natural gas storage market.
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The global natural gas storage market is segmented on the basis of type and region. On the basis of region, the global natural gas storage market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America is a dominant player in the global natural gas storage market and accounts for largest market share in terms of revenue as compared to that of markets in other regions. This is attributed to increased production and exploration activities in the region. The market in Asia Pacific is projected to witness fastest growth over the forecast period, owing to rising domestic demand from end user segment in emerging economies in the region. Also, market in Europe is expected to witness significant growth over the forecast period.
Prominent players in the global natural gas storage market include Engie, Samsung Heavy Industries co., Ltd., Amec Foster Wheeler plc., Spectra Energy Corp., Centrica plc., Technip S.A., WorleyParsons Ltd., E.ON SE, Chiyoda Corporation, and Rockpoint Gas Storage.